Mergers and Acquisitions
9 Months Ended
Sep. 30, 2012
Mergers and Acquisitions [Abstract]  
Mergers and Acquisitions

4. Mergers and Acquisitions

We obtained financial control, through an Agreement and Plan of Merger (the “Merger Agreement”), of 100% of the voting equity interests of Earth Friendly Energy Group Holdings, LLC d/b/a Alteris Renewables, Inc. (“Alteris”) on June 21, 2011 (the “acquisition date”). Alteris sells, designs, installs, and supports renewable energy systems, primarily solar, for both residential and commercial customers. Alteris has more than a dozen offices across seven states. The acquisition closed on December 19, 2011.

The following is supplemental unaudited interim pro forma information for the Alteris acquisition as if we had issued 8.7 million shares of our Class A common stock to acquire this business on January 1, 2010 The pro forma net revenue was decreased by $1.3 million and net losses were decreased by $0.4 million for the nine months ended September 30, 2011 to reflect Alteris’ adoption of our method, cost to cost, of measuring progress towards completion for jobs accounted for under the percentage of completion method. Additionally, pro forma net losses were decreased by $1.9 million for the nine months ended September 30, 2011 to exclude nonrecurring acquisition-related costs and to include amortization of intangible assets, share-based compensation expense related to replacement stock options, change in the percentage of completion method, and a tax benefit, all resulting from the acquisition of Alteris. All pro forma adjustments are based on currently available information and upon assumptions that we believe are reasonable in order to reflect, on a supplemental pro forma basis, the impact of this acquisition on our historical financial information.

 

         
    Supplemental Pro
Forma (Unaudited)
 

(in thousands, except per share data)

  Nine Months
Ended
September 30, 2011
 

Net revenue

  $ 81,041  
   

 

 

 

Net loss

  $ (3,536 ) 
   

 

 

 

Net loss per share – basic

  $ (0.13 ) 
   

 

 

 

Net loss per share – diluted

  $ (0.13 )